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National HealthCare Corporation

NHC Healthcare Medical Care Facilities

National HealthCare Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 16.1% from fiscal 2024. In the quarter to June 2026, revenue grew 8.83%, EPS grew 68.6%, free cash flow fell 41.6% and total debt fell 94.5%, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.

242.82 2.71 −1.10%
Market cap
$3.9B
P/E
26.9×
Fwd P/E
8.4×
Dividend yield
1.08%
F-score
7/9
Altman Z
5.02
Beneish M
−2.57
Dividend safety
74/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.17
Total sells 10.55
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — 1 — — — —
Sell 3 1 — — — — 2 2 — 3 2 —
Insider Ownership 18.55%

Capital & Financial Ratios $m

Market Cap 3,850.00
Revenue 1,559.02
Net Income 142.84
Free Cash Flow 146.53
Net Debt (265.88)
Current Ratio 1.86 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 26.92
Fwd P/E 8.40
P/S ratio 2.43
P/B ratio 3.36
Past 5Y EPS Growth 23.04% (at or above 15%: strong)
This Y EPS Growth —
Next Y EPS Growth —
Next Y revenue growth 41.32% (at or above 10%: strong)
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, against a ten-year median of 0.9×; over the ten years it ranged from 0.6× in 2023 to 2.3× in 2026.
P/E against its own 10 years 80.32%
10-year low 10-year high
P/S against its own 10 years 99.96%
10-year low 10-year high
P/B against its own 10 years 99.96%
10-year low 10-year high
EV/Sales against its own 10 years 99.96%
10-year low 10-year high
EV/FCF against its own 10 years 79.61%
10-year low 10-year high

Dividends

Payout Ratio 0.29
Annual Dividend Rate 2.62
Annual Dividend Yield 1.08%
total individual payouts
2026 0.40
0.64
0.67
0.67
2025 0.43
0.61
0.64
0.64
0.64
2024 2.42
0.59
0.61
0.61
0.61
2023 2.91
0.57
0.59
0.59
0.59
0.57
2022 2.26
0.55
0.57
0.57
0.57
2021 2.11
0.52
0.52
0.52
0.55
2020 2.08
0.52
0.52
0.52
0.52
2019 2.06
0.50
0.52
0.52
0.52
2018 1.98
0.48
0.50
0.50
0.50
2017 1.89
0.45
0.48
0.48
0.48
2016 1.75
0.40
0.45
0.45
0.45
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 281 270 309 266
Receivables 109 135 139 138
Inventory 7 9 8 9
Other — — — —
406 424 462 440
2023 2024 2025 Q'26
Payables 19 25 23 22
ST’ Debt — 8 8 —
Other 23 21 26 31
214 235 254 236

Compound Annual Growth %

10y 5y 3y
Sales 5.29% 8.10% 11.81%
Cash Flow 8.30% (1.86%) 176.64%
Earnings 9.99% 23.44% 74.87%
Book Value 5.47% 6.12% 6.98%

Revenue $m

Mar Jun Sep Dec Year
’26 382 408 — — —
’25 374 375 383 387 1,518
’24 297 301 340 369 1,307
’23 270 283 288 301 1,142
’22 279 271 271 265 1,086
’21 251 263 277 283 1,074
’20 256 262 251 260 1,028
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 63 43 — — —
’25 39 63 66 17 185
’24 10 51 34 13 107
’23 14 39 32 26 111
’22 (27) 26 (2) 12 9
’21 13 28 7 16 62
’20 8 147 29 19 203
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 53 31 — — —
’25 33 53 56 6 149
’24 4 43 29 7 82
’23 7 33 26 17 83
’22 (36) 21 (8) 6 (17)
’21 8 19 (6) 2 23
’20 1 134 31 15 181
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 2.27 2.54 — — —
’25 2.07 1.52 2.50 1.58 7.67
’24 1.69 1.73 2.73 0.39 6.53
’23 0.76 1.06 0.68 1.83 4.34
’22 0.99 0.21 (0.16) 0.41 1.45
’21 1.38 6.80 (0.22) 1.02 8.99
’20 (1.76) 1.84 0.84 1.79 2.72
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 57.16 57.73 57.00 70.89 55.88 62.57 57.61 51.56 87.03 89.14

Analyst estimates 2026–2028

Powerpack
High 78.99 77.01 84.90 89.55 88.35 79.73 75.35 98.17 138.49 144.53
People
People Employees 14,450 14,850 14,891 14,881 13,432 12,965 12,355 13,123 14,962 15,278
Revenue/emp, $m 0.06 0.06 0.07 0.07 0.08 0.08 0.09 0.09 0.09 0.10
Income, $m
Income, $m Revenue 924 964 980 996 1,028 1,074 1,086 1,142 1,307 1,518
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 80 75 75 88 52 150 27 89 136 162
EBT margin, % 8.68 7.73 7.64 8.83 5.10 13.97 2.51 7.77 10.43 10.70
Net income 51 56 59 68 42 139 20 65 102 123
Depreciation 39 43 42 42 42 41 46 42 42 45
Per share, $
Per share, $ Revenue 61.02 63.46 64.39 65.25 67.18 70.00 70.46 74.56 84.93 98.10
Earnings 3.34 3.70 3.87 4.47 2.74 9.03 1.46 4.36 6.62 7.76
Cash flow 6.00 6.22 6.47 6.56 13.28 4.07 0.57 7.26 6.97 11.96
Capex (4.14) (2.13) (1.96) (1.73) (1.43) (2.57) (1.69) (1.82) (1.66) (2.36)
Free cash flow 1.87 4.09 4.51 4.83 11.85 1.50 (1.12) 5.44 5.31 9.61
Book value 44.24 46.31 48.24 51.02 52.15 59.19 56.94 59.47 63.87 69.45
Shares, m 15 15 15 15 15 15 15 15 15 15
Valuation, ×
Valuation, × P/E 22.52 16.74 20.22 19.38 24.33 7.52 41.15 21.39 16.25 17.69
P/S 1.24 0.98 1.22 1.32 0.99 0.97 0.85 1.25 1.27 1.40
P/B 1.71 1.34 1.63 1.69 1.27 1.15 1.05 1.57 1.68 1.97
EV/Sales 1.06 0.77 1.03 1.12 0.68 0.71 0.66 1.09 1.16 1.24
EV/FCF 34.70 11.94 14.64 15.09 3.87 33.33 (41.55) 14.97 18.61 12.68
Cash, $m
Cash, $m Operating cash flow 91 94 98 100 203 62 9 111 107 185
Capex (63) (32) (30) (26) (22) (39) (26) (28) (25) (36)
Free cash flow 28 62 69 74 181 23 (17) 83 82 149
Balance, $m
Balance, $m Working capital 140 174 164 146 176 163 156 192 190 208
Total debt 30 27 23 25 41 38 35 — 137 8
Net debt (160) (199) (189) (207) (314) (276) (201) (281) (133) (302)
Shareholders’ equity 670 703 734 779 798 908 878 910 983 1,075
Returns, %
Returns, % ROA 4.74 5.15 5.42 5.76 3.16 10.02 1.68 5.17 7.19 7.87
ROIC 7.92 7.30 6.96 5.70 6.39 5.12 3.00 5.70 6.61 10.38
ROE 7.77 8.19 8.20 9.01 5.31 16.24 2.51 7.47 10.77 11.67
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

National HealthCare Corporation vs peers in Medical Care Facilities (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CON Concentra Group Holdings Parent, Inc. $5.0B 24.9× 17.0× +10.03% (above 0%: growing) +45.71% (above 0%: growing) +91.62% (above 0%: growing) 31.70% 18.99% Compare
LFST LifeStance Health Group, Inc. $4.7B 88.3× 58.5× +26.08% (above 0%: growing) n/m +55.22% (above 0%: growing) 35.15% 7.04% Compare
OPCH Option Care Health, Inc. $4.7B 23.5× 14.1× +1.86% (above 0%: growing) +12.90% (above 0%: growing) +112.36% (above 0%: growing) 18.53% 5.90% Compare
NHC National HealthCare Corporation $3.9B 26.9× 8.4× +8.83% (above 0%: growing) +68.63% (above 0%: growing) −41.57% (below 0%: shrinking) 100.00% 11.99%
ACHC Acadia Healthcare Company, Inc. $2.9B — (loss-making) 21.1× −0.39% (below 0%: shrinking) −63.64% (below 0%: shrinking) +856.54% (above 0%: growing) 100.00% 10.14% Compare
AVAH Aveanna Healthcare Holdings Inc. $2.8B 9.5× 10.4× +13.73% (above 0%: growing) +46.15% (above 0%: growing) +57.89% (above 0%: growing) 32.59% 11.93% Compare
GRDN Guardian Pharmacy Services, Inc. $2.5B 37.5× 39.5× +2.16% (above 0%: growing) +133.33% (above 0%: growing) +60.83% (above 0%: growing) 22.75% 5.87% Compare
BKD Brookdale Senior Living Inc. $2.4B — (loss-making) — (loss-making) −11.61% (below 0%: shrinking) n/m +533.14% (above 0%: growing) 29.94% 11.86% Compare
MD Pediatrix Medical Group, Inc. $2.3B 13.1× 11.3× +4.04% (above 0%: growing) +6.52% (above 0%: growing) −6.56% (below 0%: shrinking) 27.16% 11.67% Compare
Median of peers $2.8B 24.2× 17.0× +3.10% +29.31% +76.23% 30.82% 10.91%

All 55 Medical Care Facilities stocks →

National HealthCare Corporation (NHC) key facts

  • Strength: National HealthCare Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, up 16.1% from fiscal 2024.
  • Strength: Net income was $122.6 million, or $7.76 per share (basic), a net margin of 7.91%.
  • National HealthCare Corporation (NHC) is a Medical Care Facilities company in the Healthcare sector, listed on NYSE American.
  • As of October 16, 2026, NHC traded at $242.82, a market capitalization of $3.9 billion.
  • At that price the stock trades at 26.9× trailing-twelve-month earnings and 2.4× sales; its P/E is higher than 80% of its own readings over the past ten years.
  • National HealthCare Corporation pays an annual dividend of $2.62 per share, a yield of 1.08%, with a payout ratio of 29.5%.
  • Return on equity was 11.7% and debt-to-equity 0.00.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 5.02 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/NHC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com